Consolidating federal student loan rates
If the APR is 12.55% and the loans amount remains ,000, you would make 180 monthly payments of 3.58. A request to release a co-signer requires that the borrower has made 12 consecutive timely payments with no periods of forbearance or deferment within the 12-month timeframe.
"Timely payment" means each payment is made no later than the 15th day after the scheduled due date of the payment.
You may save both time and money with a lower monthly payment and a reduced interest rate by combining and refinancing outstanding federal and private student loans from other lenders into a single loan with Navy Federal Credit Union. Opt for a single loan refinance with Navy Federal to capture our great low rates. Rates and terms based on credit criteria and are all subject to change.
I need to consolidate them but have not found a bank willing to do so. Even if they came through a private lender, you can consolidate them through the Federal Direct Consolidation Loan program, which offers different repayment schedules that are meant to help you take control of your debt.
Variable-Rate Payment Example: Assuming a ,000 loan amount, a 5.08% APR, and a 15-year term, you would make 180 monthly payments of .50 to repay this loan.
If the APR is 11.82% and the loan amount remains ,000, you would make 180 monthly payments of 8.86.
For variable-rate loans, the APR, including the 0.25% rate reduction, may not fall below the floor rate, which is 2.49%.
Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan.